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Will the Silver Short Squeeze Live On? | https://www.themorganreport.com
On the first day of February, the silver price reached heights it hadn’t seen in eight years, climbing just above the $30 an ounce mark. Just one week after a subreddit group, WallStreetBets, showed the world the power in numbers to move financial markets, the precious metals market received a renewed focus.
David Morgan, the precious metals aficionado and ambassador for the LODE Project, spoke to LODEpay Media to discuss silver’s recent price surge.
“Whether the silver squeeze continues or not now, it will in the future,” he said. “The big picture that I have stressed from day one is that we are getting near the end of the great currency reset; when this currency crisis manifests further, people are going to run to gold and sprint to the silver market, and that will overwhelm it.”
Known in the industry as the silver guru, he noted that bullion dealers had already seen an intensified amount of buying pressure in recent weeks.
“Right now, there’s a lot of pressure on silver, and we haven’t even seen the end of the dollar in the near term,” he continued. “But it’s coming, whether it happens now or whether it happens later, the inevitability of the fact is that all fiat fails.”
A testament to the crippling value of fiat currencies, said Morgan, was the recent increased interest in alternative currencies, such as cryptocurrencies like Bitcoin. Still, he believes that the real value lies in precious metals, particularly in silver, and the recent attempted silver squeeze represents an important milestone: more awareness.
“I believe strongly that they’ll gravitate toward the real asset class, as there’s nothing superior for a highly inflationary depression than the silver market,” he stated. “The problem is that the emperor has no clothes, and the people all know it now that the solution is pretty obvious, and now with enough people with that knowledge to take action, it’s inevitable.”
In 2019, Morgan was the first person to ever pay for physical goods using AGX (digital silver) when he purchased a cup of coffee at Anarchapulco. Now, he says he’s excited to see the increased liquidity of digital gold and silver, as it will soon be possible to purchase cryptocurrency like Ethereum with LODE’s digital assets.
“I’m looking forward to this building out even further, and I think it’s the future,” he said. “I think most everything will be digitized, including the precious metals, and that’s something that was unavailable to me in my 20s and unavailable until even recently.”
Morgan is the chief editor of the Morgan Report, a monthly newsletter covering the global economy and the precious metals and rare earth elements markets. His insights are available through a paid membership, which can be purchased with AGX through LODE’s premier online marketplace, AGX Markets. His book, The Silver Manifesto, is also available for purchase with digital silver through the platform.
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